FINTECH ACTIVITIES IN VIETNAM AT PRESENT - THE CURRENT SITUATION OF THE FINTECH RELATED LAW AND SOME RECOMMENDATIONS FOR THE LAW IMPROVEMENT

Abstract

The paper examines Fintech and some typical activities of Fintech companies in Vietnam at present such as provision of e-payment services, crowdfunding and peer-to-peer lending. On the basis of analysing inadequacies of the law regulating activities of Fintech companies, the paper proposes some recommendations such as: treating  Fintech companies as special business entities in order to develop and improve the legal framework for the existence and operation of Fintech companies; enacting a Law on payment and standardised rules for e-payment and recording e-payment documents; creating legal bases for crowdfunding and peer-to-peer lending; promulgating legal provisions on information technology, intellectual property, consumer protection, and  prevention and combat of money laundering to ensure the safety for the operation of Fintech companies towards the goals of stability and economic development of the country in the context of the industrial revolution 4.0 at present.